In

Company Petition (IB) No. 349/KB/2022

An Application under Section 65 of the Insolvency and Bankruptcy

Code, 2016 read with Rule 11 of the Insolvency and Bankruptcy

(Application to Adjudicating Authority) Rules, 2016.

I.A. (IB) No. 982/KB/2024

IN THE MATTER OF:

Katyayani Natural Resources Limited

… Applicant

Versus

Gokul Sai Udyog LLP

…Respondent

And

Gokul Sai Udyog LLP

…Financial

Creditor

Versus

Katyayani Natural Resources Limited

…Corporate Debtor

Date of Pronouncement: December 3^rd, 2024

CORAM:

SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL)

SHRI. BALRAJ JOSHI, HON’BLE MEMBER (TECHNICAL)

APPEARANCE:

For the Applicant: Mr. Shaunak Mitra, Adv.

Mr. Avik Chaudhury, Adv. Mr. Amandeep Singh, Adv.

Ms. S. Majumder, Adv.

For the Respondent: Mr. Gulshan Kr. Sachdev, Adv.

In Company Petition (IB) No. 349/KB/2022

ORDER

Per: Balraj Joshi, Member (Technical):

1. The Court congregated through a hybrid mode.

2. Ld. Counsels for the parties were heard at length.

3. This Interlocutory Application being I.A. (IBC) No. 982/KB/2024 has been preferred by Katyayani Natural Resources Limited (hereinafter referred to as “Applicant/Corporate Debtor/CD”) seeking dismissal of the Company Petition No. 349/KB/2022 as per the provisions contains in section 65 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT on behalf of Katyayani Natural Resources Limited, on the ground that forged, manufactured and fabricated document has been produced by the Respondent/Financial Creditor to sustain the Company Petition.

4. Brief Background:

4.1 The case of the Applicant (Corporate Debtor) in the Company Petition (IBC) No. 982/2022 has been filed by Gokul Sai Udyog LP, the Financial Creditor against the Corporate Debtor to initiate Corporate Insolvency Resolution Process (“CIRP”), under section 7 of the Insolvency and Bankruptcy Code 2016(IBC).

4.2 The Financial Creditor claims that it has advanced a loan of Rs 4 crores to the Corporate Debtor and has relied upon a In Company Petition (IB) No. 349/KB/2022 resolution passed in the partner’s meeting of the LLP held on 15.5.2017 wherein, it has been resolved that the applicant will provide loans and advances to the corporate debtor to the tune of Rs. 4 crores with interest at the rate 12% per annum. The said resolution has been attached to the Application.

4.3 Based on the resolution, the Financial Creditor claims that it has disbursed Rs. 4 crores to the Corporate Debtor as per the details below:

4.4 The Corporate Debtor/ Applicant herein contends that; the corporate debtor has paid back an amount of Rs. 2.77 crores back by way of RTGS to the financial creditor and the balance of Rs. 1.23 Crores remains unpaid.

4.5 That, on 14.04.2022, the financial creditor issued a legal notice to the corporate debtor demanding that it has advanced Rs. 4 crores as loan out of which it got back only 2.77 crores in four instalments and that Rs. 1.23 crores are still due from the Corporate Debtor.

In Company Petition (IB) No. 349/KB/2022

4.6 That on 05.05.2022, the Corporate Debtor replied to the notice stating that it supplied materials worth Rs 1.23 crores and paid back Rs. 2.77 crores, hence there is no due.

4.7 The Financial Creditor issued another legal notice in Form- 3 on 18.06.2022 demanding payment of operational debt. To the tune of Rs. 1,73,7100. The same was replied by the Corporate Debtor on 01.08.2022 denying the dues and default. Whereafter this application has been filed in December 2022 under Section

7 of IBC.

4.8 By way of this Interlocutory Application, Katyayani Natural Resources Limited, the Applicant/Corporate Debtor seeks the following relief:

a) Dismiss the Company petition CP (IB) 349 (KB)/2022 in limine with exemplary costs as per section 65 of the IBC, 2016 On the ground that the Respondent/Financial Creditor herein produced a forged, manufactured and fabricated document with the petition.

5. Submission of Ld. Counsel for the Applicant/Corporate Debtor:

5.1 It is contended by the applicant that the Board of Resolution, along with oth